LATE MESSAGES
WASHINGTON, March 9. The House passed the Banking Bill, which embodies Mr. Roosevelt’s programme foi- controlled expansion of currency, and resumption of normal banking under his regulation. It would ratify the Executive orders issued by the President, and continue his authority over the banking situation, provide foi*“concentration of the United States gold supply in Federal Reserve Banks, penalise hoarding, provide for controlled expansion of currency, authorise re-organisation under careful safeguards, and for a period, segregation of new deposits in the banks of a certain class, the new deposits so segregated to be subject to withdrawals as the Comptroller may permit. The Bill would permit tho banks to get circulating notes from the Federal system. In return for United States obligations, notes, drafts, bills of exchange and bankers’ acceptances notes would be given banks to full value of the United States obligations, and' ninety per cent, of the sound value of notes, drafts, bills of exchange, and bankers’ acceptances.
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Greymouth Evening Star, 10 March 1933, Page 6
Word Count
160LATE MESSAGES Greymouth Evening Star, 10 March 1933, Page 6
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